The main US equity averages are now rising on hopes that a solution to the crisis in Cyprus will indeed be found and despite a weak reading on German business confidence this morning.

Acting as a backdrop, Federal Reserve Governor Sarah Raskin said the central bank plans to keep interest rates low for a considerable time. The policy-maker also highlighted the need to address the low wages from which many Americans are now suffering.

Out on the company front, shares of luxury jewellery retailer Tiffany&Co. have opened considerably higher following the announcement of a large increase in sales in the Asia Pacific region.

Chipmaker Micron is also moving higher after unveiling better than expected sales figures this afternoon for its second quarter.

Athletic footwear manufacturer Nike has today released better than expected quarterly figures together with strong orders data for Germany and China.

AK Steel is down after warning of a weak first quarter.

Marin Software is jumping by 37% on its stock market debut.

From a sector stand-point the best performance is now to be seen in the following industrial groups: Footwear (9.7%), Personal goods (2.62%) and Business training (1.74%).

10 year US Treasury yields are now down by 1 basis point, at 1.93%.

Front month West Texas crude futures are now rising by 0.63% to the $93.03/barrel level on the NYMEX.